Telegram Dark Market Rebounds After Huione Shutdown as Tudou Activity Surges

Highlights:

• Vendors moved to Tudou Guarantee after Huione shut down and restored scam activity within days using Telegram and USDT.
• Telegram dark markets expanded fast, with over 30 platforms offering stolen data and laundering tools across Southeast Asia.
• The removal of Huione did not reduce crime, as new platforms replaced it and restored volumes.

According to a report by blockchain analytics firm Elliptic, vendors and buyers have shifted to Tudou Guarantee after Telegram removed Huione Guarantee on May 13. Elliptic traced over $27 billion in USDT transactions processed through Huione, linking them to scams across Southeast Asia. Telegram then banned thousands of Huione-related channels and usernames. Although Huione’s activity dropped to zero, the dark market operations did not end. They instead resumed through Tudou Guarantee, where Huione had secured a 30% stake in December 2024.

🚨 Telegram dark markets expand to fill the gap left by Huione Guarantee

In May, Telegram shut down Huione Guarantee — the largest dark market to have ever existed, responsible for more than $27 billion in USDT transactions — following research from Elliptic.

Elliptic’s… pic.twitter.com/ZY2m1ju3i0

— Elliptic (@elliptic) June 23, 2025

Tudou processed over 200,000 transactions by May 18 and exceeded 300,000 by June 15. These figures were very close to the levels of activity by Huione before the ban. The same sellers returned with access to stolen information, money laundering services, and other romance-based fraud tools. Previous infrastructure and commerce knowledge also facilitated the migration process to occur quickly. Tudou also enjoyed the credibility that the vendors had already created via Huione.

These sites are based on the secure Telegram environment and accept USDT as a primary type of payment. The stablecoin cuts the risks of exchange rates and bypasses traditional financial mechanisms. Furthermore, the escrow approach allows individuals to solve their disputes anonymously, and this secures and keeps the transactions unidentified.

Telegram Dark Market Expands with Dozens of New Platforms

The criminal network expanded as dozens of new guarantee markets appeared after the closure of Huione. Elliptic reported more than 30 active marketplaces across Telegram, each offering illegal services. They involve stolen identity information, counterfeit documents, and the means of staging massive frauds. They use encryption and stablecoins so that there is no interference by the mainstream law enforcement forces.

With Huione out of the picture, several platforms blossomed quickly. The transaction volume of Shuangying improved from 40,000 to 110,000. Fully Light also expanded from 20,000 to more than 80,000. These platforms now provide reputation tracking, order management, dispute resolution, and internal messaging systems. These features make them appealing to merchants and buyers who want to continue operations with minimal risk.

Most vendors have posted their services on various sites to ensure they are visible and to earn revenue. This diversification aids in avoiding future bans. However, Elliptic issued a caution concerning counterfeit guarantee markets that appeal to inexperienced fraudsters. Such bogus services tend to claim to offer safe transactions and then run away with deposits.

Market Disruption Remains Short-Lived

The disruption of Huione Guarantee on Telegram led to a temporary setback, although the dark market system soon rebounded. Even after several channels were closed down by Telegram, Elliptic identified that the basic structures of Huione were still operating. These systems are designed with separate layers for financial processing and communication. This setup makes the network resilient and allows it to rebuild after takedowns.

Transaction volumes returned to normal within weeks of the shutdown. Criminal vendors reestablished operations across new and existing platforms. Elliptic concluded that a single enforcement event is not enough to stop these markets. The United Nations estimates that Telegram-based dark markets generate up to $36.5 billion each year. This total includes revenue from scams, money laundering, and the sale of stolen data across Southeast Asia.